Bitcoin (BTC) is nearing a significant breakout against the Nasdaq 100 Composite, with the BTC/Nasdaq ratio currently at 4.96, close to its all-time high of 5.08 from January 2025. This indicates that one bitcoin's value now requires nearly five units of the Nasdaq. Despite a 6% decline year-to-date, Bitcoin has outperformed the Nasdaq, which has seen a 15% decline. Since Donald Trump's election in November 2024, Bitcoin has rallied 30%, contrasting the Nasdaq's 12% fall. In comparison to major tech stocks, Bitcoin has shown resilience, with MicroStrategy (MSTR), a Bitcoin proxy, performing better than the broader tech sector. Year-to-date, MSTR is up 6% while the QQQ ETF has decreased by 15%. These trends suggest a divergence between Bitcoin and traditional tech stocks, highlighting potential shifts in market leadership.

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